Bharat Diamond Bourse to be ready by December

The proposed Rs 950 crore Bharat Diamond Bourse is expected to be complete by December 2005 and trading activities will start from mid-2006.

"The diamond bourse will be fully operational by December and the trading will start by mid-2006. The estimated cost of this bourse is at rs 950 crore," Anoop Mehta, president of Bharat Diamond Bourse said today.

This diamond bourse, located at the Bandra Kurla Complex in Central Mumbai, has the capacity to house 20,000 to 25,000 people daily. The bourse has a membership of 2,500 including small and large diamond traders of the country, he said.

Gem and Jewellery Export Promotion Council (GJEPC) chairman Bakul Mehta said the diamond traders have already started shifting to the Bharat Diamond Bourse.

"At present, the diamond traders are mainly located at Opera House in Mumbai and rest are scattered all over the country. However, the backoffices of these traders will be located at different centres due to space constraint," Mehta said.

Mehta said this bourse would give them more efficency and focus for the trade aligned with international practice.

According to industry sources, the bourse is estimated to contribute to over 90% of India's diamond trade activity.